The government has no plan to increase the 5 per cent slab of GST (Goods and Services Tax) to 8 per cent. News agency ANI says that this information has come to the fore by quoting sources. Government sources have categorically denied reports in some media that the Goods and Services Tax (GST) Council plans to reduce the 5% tax slab to 8%. Government sources told ANI that there is no such proposal, the news is speculation and there is no truth in it.
Currently, GST has a four-tier slab structure of 5, 12, 18 and 28 per cent. In addition, gold and gold ornaments attract a tax of 3 per cent. Last year, the GST Council constituted a Group of Ministers (GoM) on rate rationalization under the chairmanship of Karnataka Chief Minister Basavaraj Bommai. These include West Bengal Finance Minister Amit Mitra, Kerala Finance Minister KN Balagopal and Bihar Deputy Chief Minister Tarakishore Prasad. Sources told ANI that the GoM is yet to prepare its report on rate rationalization and it is yet to be submitted to the GST Council.
When will the next meeting of the council be not decided yet
The date of the next meeting of the GST Council is also yet to be decided. This is because Union Finance Minister Nirmala Sitharaman, chair of the GST Council, is currently in the United States to attend spring meetings, G20 meetings and other associated investment meetings organized by the International Monetary Fund and the World Bank. His official US tour began on 18 April 2022.
The last meeting was held on 31 December 2021
The last meeting of the GST Council was held on 31 December 2021. That was its 46th meeting. In the GST regime, essential items are either exempted or placed in the lowest slab of 5%, while luxury and demerit items attract 28% GST. There is also a cess on top of the highest slab.